United States Federal Circuit

In a petition for readjustment of the partnership items of petitioners' company, the decision of the Court of Federal Claims is affirmed in part, vacated in part, and remanded where: 1) the Court of Federal Claims's judgment that the contribution of the spread transaction to the company lacked economic substance and should be disregarded for tax purposes is affirmed; 2) the Court of Federal Claims did not have jurisdiction to review the application of penalties based on the outside bases of the company's partners; and 3) Court of Federal Claims' judgment that the petitioners' partner-level defenses cannot be brought at the partnership level is vacated.

Appellate Information

• Decided 03/23/2010
• Published 03/23/2010

Judges

Court

• United States Federal Circuit

Counsel